"What is known to exist but is not visible is surrounded by mystery. "-Arun Kumar The black economy is such a mystery where we don't have clear pictures of it, but something which has to be brought under control soon due to the harmful impacts of this phenomenon in the economy. Hence, this paper discusses the various methods adopted by different economists to estimate the size of black economy which make the governance of a nation easy and successful. Black economy has become a matter of grave concern due to its deleterious effects on the nation. Difficulty in policy making, complications in obtaining proper data leading to policy failures- the consequences of existence of the black economy is -------------.The other after effects include macroeconomic
People with large amount of black money are using unscrupulous means to convert it into legitimate currency 3. A taxpayer has to stand in queues to withdraw his hard-earned money. 4. Online companies are having the last laugh as most of the white income class is resorting to online. 5.
Black-on-black crime is the result of years of an “unjust society that has instilled the wrong values in them, failed to make them feel worthy and placed insurmountable barriers before them” (Tesfamariam 2012). Many of the perpetrators of this crime are young black men that have inherited the obsession over material possessions. These are people that are born into poor social and economic situations. Countless people in neighborhoods that have a black majority are born into broken homes. Children in these homes grow up to be accustomed to domestic violence, child abuse, neglect, and out-of-wedlock births.
A study in 1996 estimated that the hidden economy was equivalent to 20% of Chinese GNP. The economic activities controlled by the criminal underworld, or the so-called “black economy” constituted a big chunk of it, in addition to the gray income such as bribes and embezzlements. One scholar affiliated with the Ministry of Public Security estimated that in the late 1990s every year the expenses on drugs could have reached 100 billion yuan. It was also estimated that the sex industry generated revenue of at least 500 billion yuan a year. For many places, “Prostitution promotes prosperity” (PPP) has been an open secret.
Overall bank corporate in India has improved their security from malwares etc. Many of customer’s are using their phone to make a transaction to their account. Which is creating a higher jeopardy of alien hackers to steal and use one personal bank statement and pin number etc. UK government spends around 850 million pounds to tackle cyber-crime and secure internet and network by unknown origination. One of the major concerns of cyber-crime is complexity.
According to the article of "economic help" a minimum wage may increase the number of people working in the black market so firms can avoid paying the legal minimum. According to my online research from the Investopedia said that black market is the economic activity that takes place outside government-sanctioned channels and usually occur "under table" so that can run from the government price controls or taxes. The product usually are drugs and firearms are illegally traded. It means that many people are willing to be drug traffickers as well as firearm distributors as the income earned from the black market is more than the amount of the minimum wage that been apply. In spite of black market can toll the economy because the economic activity is not recorded and taxes are not paid since they are "shadow market" (Investopedia).
SBI Card ELITE: Overview State Bank of India is the largest public sector bank in the country. It has its branches spread across India and around the world. It offers a variety of financial solutions. Among its debt offerings, the bank provides personal loans, care loans, education loans, housing loans and business loans for retail users. State Bank of India is also one the leading banks in the market when it comes to offering credit cards.
Tourism has contributed well to the growth of Indian economy by both forward as well as backward linkages. To give the domestic companies a chance to develop themselves, Indian Government had imposed some restrictions to limit the number of foreign investors building infrastructure such as hotels and resorts through FDIs and M&As. The Government had fixed rates that the foreign companies were liable to pay before investing. After the reforms in the sector, trade was encouraged by the Government through 100 percent FDIs in tourism sector. Also, Indian Government offers five-year tax exemptions to resorts, hotels and other foreign investments in the sector.
For instance, the government can use the amount of GST collected to build infrastructures such as hospitals and improve the roads system in Malaysia. Hence, government doesn’t need to borrow money from other countries to fund for these upgrades and developments, hence